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Bond of the Week: 11 February 2020
Featured article highlighting investment opportunities and explaining the features of various types of bonds.
    
Bruntwood Bond

Bond of the Week

31 January 2020

 

Bruntwood Bond 2 PLC

Summary Term Sheet

 

6% bonds due 25 February 2025

 

Issuer

Bruntwood Bond 2 PLC

Instrument

 

Sterling denominated fixed interest bonds

 

Currency

GBP

Ranking

Senior unsecured

Guarantors

Bruntwood Limited and Bruntwood Management Services Limited

Issue rating (expected)

Not rated

Issuer rating

Not rated

Financial covenants

Net debt: Tangible fixed assets < 0.75x; Operating profit to net interest payable > 1.3x. Minimum net assets of Parent Guarantor: £50m; minimum consolidated net worth of Guarantor Group: £400m; minimum liquidity test sufficient cash to cover two interest payments tested 2x pa; debt incurrence covenant <65% financial indebtedness: tangible fixed assets

Repayment

Bullet

Early Redemption

Issuer tax call at 100 only

Coupon

6%

On £1,000 minimum subscription, this would be a payment of £30 per half year period

Exchange Fee

1.25% on nominal of 6% 2020 bonds exchanged

Coupon Dates

Semi Annual, 25th August, 25th February

Announcement Date (Launch)

28th January 2020

Offer Period

Closes 18th February 2020 (subject to early close)

Closing/Settlement Date

25th February 2020

Closing will be non-syndicated

First Day of LSE/ORB trading

26th February 2020

Maturity

25th February 2025

ISIN Number

ISIN: XS2104011304

Common code: 210401130

Issue Price

100

Net Proceeds

The estimated net proceeds will be specified in the Final Terms Confirmation Announcement.

Denominations

GBP 100

Cash Minimum Subscription

GBP 2,000

Exchange minimum

GBP 1,000

 

 

Interest Day Count Fraction

Actual /Actual

Business Day Convention

Following Unadjusted

Listing

London Stock Exchange, ORB

Selling Restrictions

Reg. S Compliance Category 1; TEFRA C

Lock- up/ Seasoning

None; TEFRA C

Governing Law

English law

Settlement

Euroclear, CREST, Clearstream

Lead Manager

C&C and Peel Hunt

 

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